 
 
Upexi, a publicly traded company that specializes in supply chain management, is deepening its crypto push. The company announced a $100 million raise, with the net proceeds earmarked for building a Solana treasury strategy. The newly established Solana Treasury company is set to have the largest Solana treasury among publicly traded entities after the latest funding round is completed.
Upexi Bets Big On Solana With $272 Million
The funds will come from two separate financing vehicles, with $50 million in net proceeds expected from selling roughly $12.5 million shares of common stock to institutional investors and qualified purchasers, and $150 million from the sale of convertible notes. Each offering is expected to close next week.
“Today, we announced a blockbuster deal with a $150 million in kind convertible note led by Big Brain Holdings and a $50 million equity private placement,” Upexi wrote on X. “Net proceeds will be used to buy more SOL.”
The $150 million convertible note offering will be collateralized through locked, spot SOL provided by the purchasers of the convertible notes, which will mature in 2 years and bear a 2% interest rate. Once the convertible note offering closes on or around July 16, the SOL tokens will become a part of its crypto treasury.
The firm first announced its intentions to establish a digital assets treasury centered on Solana back in April, raising $100 million in a private placement to fuel its first buy.
 
With the new purchases, it anticipates having approximately 1.65 million SOL in its treasury, or around $272 million worth of the sixth-largest cryptocurrency. At 1.65 million SOL, Upexi would own roughly two times the amount of Solana held by the other popular, publicly traded SOL treasury, DeFi Development Corporation.
Companies Mimic Strategy
Upexi is part of an increasing cadre of publicly listed companies that invest in cryptocurrencies, seeking to replicate the success of Michael Saylor’s Strategy (formerly known as MicroStrategy).
Strategy basically pioneered the crypto treasury strategy. The Saylor-led company started buying Bitcoin in August 2020, and its stock price has soared dramatically since then. It remains the largest corporate owner of Bitcoin with a 597,325 BTC stack.
Solana is down 3.6% in the last 24 hours and is trading at $158.89, according to CoinGecko data. SOL hit its highest price in a month earlier Friday as Bitcoin rocketed to yet another all-time high mark.
Source: https://zycrypto.com/nasdaq-listed-upexi-poised-to-boast-the-largest-solana-treasury-after-200-million-raise/